Georgia has not always been the most popular luxury housing destination, but things are changing quickly thanks to the COVID-19 pandemic. WhatNow Atlanta recently reported that although all house sales were high in 2021, it's the luxury real estate market that saw the biggest increase.
In this article, we will present an overview of the luxury real estate market in Georgia and how real estate agents can break into this lucrative niche.
Georgia Luxury Real Estate Market Trends
As mentioned above, the luxury real estate market in Georgia is booming, thanks to the COVID-19 pandemic. People are looking to buy more spacious and better-outfitted homes, with larger yards and neighbors further away. This means that luxury homes ($1M or above) are in high demand.
According to KnowAtlanta, Buckhead appears to be the most popular luxury housing destination for buyers. Renovation of older, historic homes into luxury properties is especially popular in that area.
Atlanta, as the largest city in the state, attracts most of the real estate attention. But it would be a mistake to forget about beautiful Savannah on the Atlantic coast, with its own significant luxury real estate market. According to this Roofstock report, every home listed in Savannah is sold, meaning that there is more demand than supply. This indicates a strong market with rising prices and home values. The most expensive neighborhood in Savannah, South Historic District, has a median list price of $750,000.
How to Break Into the Georgia Luxury Real Estate Market
If you are already a certified real estate agent, breaking into the luxury market asks for a bit of marketing know-how and personal connections. Here is some advice to help you get started.
Get a Luxury Specialization
Theoretically, any real estate agent can sell any kind of property. But a luxury certification can take you further. It teaches you the right skills for the market and connects you with the right people.
Become a Local
If you want to break into a new market, it helps to become a local. Hang out where your clients hang out, such as the trendy cafés and clubs in historic Savannah, or the high-end restaurants and bars in downtown Atlanta. You may even consider taking our course on becoming a neighborhood expert so you can master the concept of geographical farming.
Improve Your Marketing Skills
Top-notch marketing skills are essential to do well in the luxury real estate market. Buyers are looking for meaningful, personalized experiences that make them feel like they found the perfect home. It pays to do research on your clients, offer a unique visitor experience, and make yourself more into a real estate concierge than an agent.
Network With Care
Carefully choose your networking opportunities to increase your reach in the luxury market. Hang out with other luxury real estate agents, visit the Atlanta and Savannah Chamber of Commerce for potential buyers, and don't neglect out-of-state buyers. Another winning strategy is networking with those who lend money — bankers and private lenders. They may have several clients in need of a real estate agent.
Be Open to Dual Selling
If you are new to Georgia or the luxury market, partnering with an established agent can help you get recognition and trust. A dual sale is better than no sale at all, and you're putting your name out there as a luxury agent.
Looking to Become a Real Estate Agent in Georgia?
As you can see, there is plenty of business to be done in the luxury real estate market in Georgia. If you are ready to take the next step and get your real estate agent license, we have a GREC-approved training program. If you don't pass the licensing exam after three attempts after taking our course, you get your money back. What do you have to lose?